Reform of the General Law of Commercial Companies regarding electronic assemblies

Executive Summary

• The bylaws of commercial companies may provide for the holding of meetings in person or through the use of electronic, optical or other technological means, allowing the participation of all or part of the attendees at the meeting in any way.

• The bylaws of commercial companies may provide that the sessions of the administrative body may be carried out by using electronic, optical or any other technological means, as if they were face-to-face sessions, both having the same validity.

• In any case, whether in person or through the use of electronic, optical or any other technological means, all meetings and sessions of the administrative bodies must have mechanisms or measures that allow access, accreditation of the identity of those attending and, if applicable, accreditation of the direction of their vote.

On October 20, 2023, the decree amending and adding various provisions to the General Law of Commercial Companies (“LGSM”) (the “Decree”) was published in the Official Gazette of the Federation (“DOF”). These reforms and additions to the LGSM introduced the possibility for commercial companies to hold all types of meetings and sessions of the administrative body through the use of electronic, optical or any other technological means.

The holding of meetings and sessions of the governing body, through the use of electronic, optical or any other technological means, must be provided for in the company's bylaws.

With the collaboration of specialist lawyers, our firm offers the possibility of supporting commercial companies affected by the aforementioned reform to integrate this new way of holding meetings and sessions of the administrative body into their daily operations, considering specific aspects derived from the analysis and study of each particular case, and developing a strategy. for each situation.